Year 2019 was the year that the property development industry had been affected by Home Loan Control Measures (LTV) in accordance with the Bank of Thailand new mortgage supervision regulations and external factors concerning trade wars between the United States and the People Republic of China which was still not resolved causing a negative impact on the property development business. Property developers had adjusted the strategy by focusing on selling existing projects and releasing products which was ready to move in. New projects were launched less compared to 2018 and new condominium projects was reduced and increased the proportion of housing projects.
As the group of companies, we focused on selling and distributing products which were ready to move in. In the year 2019, the Group had approximately 4,900 million baht from units which were ready to move in that was at 72% of the revenue from real estate in 2019 (including joint venture projects). In addition, the Group also launched three housing projects to increase product variety which were Mavista Prestige Village Krungthep Kreetha, Malton Private Residences Ari and Malton Private Residences Sukhumvit 31 that were received satisfactory feedback. As the performance in the year 2019, the company could maintain income and satisfactory performance from the sale of projects which were ready to move in and recognized revenue from completed projects in 2019, consisting of 2 projects, Maestro 19 Ratchada 19-Vipha and Marvest Hua Hin.
In the year 2020, the company will continue to focus on selling projects which are ready to move in and expected to invest in new projects in order to maintain stability of revenue. However, when investing in new projects, the company still has a policy to carefully invest in projects which has the highest sales potential. Including considered the quality of the project that are in terms of location and products by adjusting the type of product for conform the needs of customers and economic conditions.
On behalf of the Board of Directors, management and all employees of Major Development Public Company Limited and its subsidiaries, I would like to thank all of you who help to promote and support the company and hope to get the well support from all of you as before. The company will continue to deliver the best product to customers, maintain standard and continuously improve product performance in order to maintain the leadership position in the high-end housing market.
Chairman of the Board of Directors and Chairman of the Executives Committee
Vice Chairman of the Board of Directors and Deputy Chairman of the Executives Committee
Director, Executive Director and Chief Executive Officer
Director, Executive Director and Managing Director
Director, Executive Director
Director, Executive Director
Independent Director, Chairman of the Audit Committee
Independent Director, Audit Committee
Independent Director, Audit Committee
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